CIBC Private Wealth Group LLC reduced its stake in Concho Resources Inc (NYSE:CXO) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,253 shares of the oil and natural gas company’s stock after selling 860 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.05% of Concho Resources worth $10,612,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of CXO. Rehmann Capital Advisory Group lifted its position in Concho Resources by 108.6% during the third quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock worth $33,000 after buying an additional 114 shares during the period. Massey Quick Simon & CO. LLC purchased a new position in Concho Resources during the fourth quarter worth about $49,000. Johnson Financial Group Inc. purchased a new position in Concho Resources during the third quarter worth about $161,000. Quantamental Technologies LLC purchased a new position in Concho Resources during the fourth quarter worth about $133,000. Finally, HBK Sorce Advisory LLC purchased a new position in Concho Resources during the third quarter worth about $206,000. Institutional investors and hedge funds own 95.45% of the company’s stock.
CXO stock opened at $119.51 on Thursday. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.24. Concho Resources Inc has a 1 year low of $93.31 and a 1 year high of $163.11. The stock has a market capitalization of $23.31 billion, a PE ratio of 57.18, a P/E/G ratio of 0.78 and a beta of 1.26.
Several equities analysts recently weighed in on the company. Williams Capital reiterated a “buy” rating and set a $182.00 target price on shares of Concho Resources in a research report on Monday. Ifs Securities reiterated a “strong-buy” rating on shares of Concho Resources in a research report on Sunday, February 3rd. ValuEngine downgraded Concho Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. Morgan Stanley set a $154.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Finally, Mizuho assumed coverage on Concho Resources in a research note on Tuesday, January 29th. They set a “buy” rating and a $156.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $174.84.
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Concho Resources Profile
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.
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